If the Fed responded to an adverse supply shock by increasing the growth rate of the money supply and maintained the higher growth rate, what would eventually happen to the short-run Phillips curve? Why?

Refer to Table 2-11. What is South Korea's opportunity cost of producing one pound of wheat?

A) 60 digital cameras B) 20 digital cameras C) 5 digital cameras D) 0.05 units of a digital camera

Imagine that you borrow $5,000 for one year and at the end of the year you repay the $5,000 plus $600 of interest. If the inflation rate was 4%, what was the real interest rate you paid?

A) 16 percent B) 12 percent C) 8 percent D) 6 percent